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Trump says new tariffs will spur jobs, won’t spark a trade war

After months of tough talk about defending U.S. businesses against cheap imported goods, President Donald Trump on Tuesday officially signed off on new tariffs on imports of certain washing machines and solar power equipment, following through on his campaign vows to make trade work better for American companies.

“Our companies will not be taken advantage of anymore,” the President told reporters at the White House, repeating a common theme from his campaign for the White House.

In a signing ceremony in the Oval Office, the President officially accepted a recommendation from the U.S. International Trade Commission, which investigated specific trade complaints about imported washing machines and solar panels, and recommended higher tariffs for four years.

“There won’t be a trade war, by the way – there will only be stock increases for the companies in this country,” the President predicted, brushing off warnings about his tariff decisions possibly sparking retaliatory measures by China and South Korea.

Asked if he's concerned he's triggering a trade war, by taking actions to limit imports of solar panels and imports of washing machines:

“There won’t be a trade war,” he told us in the Oval Office. "Our action today helps to create jobs in America, for Americans."

Under the plan, there will be an immediate 30 percent tariff on most imports of solar energy components, as well as a 50 percent tariff on larger imported washing machines.

“My administration is committed to defending American companies, and they’ve been very badly hurt, from harmful import surges that threaten the livelihood of their workers,” the President said.

“We’re bringing business back to the United States for the first time in many, many years,” he added.

The President’s tariff move came as American negotiators began a new week of talks Tuesday in Montreal on changes to the North American Free Trade Agreement (NAFTA), with officials from Canada and Mexico working on possible changes to that trade deal.

Mr. Trump has made clear he wants the details of NAFTA to be rewired, as he charges that U.S. businesses are being treated unfairly in some trade areas, threatening at times to tear up the deal.

We are in the NAFTA (worst trade deal ever made) renegotiation process with Mexico & Canada.Both being very difficult,may have to terminate?

The immediate reaction in Congress and the business community to the President’s tariff decision was mixed, as some lawmakers said the moves could cost jobs and hurt consumers – the exact opposite of Mr. Trump’s argument.

“Here’s something Republicans used to understand,” said Sen. Ben Sasse (R-NE). “Tariffs are taxes on families.”

Sen. John McCain (R-AZ) echoed Sasse, saying the move was “nothing more than a tax on consumers.”

“This is shortsighted and will cost American jobs,” said Rep. Mark Sanford (R-SC), who said solar power industry jobs were now at stake in his home state, as that industry denounced the move.

As a solar company, we are devastated to learn Trump has imposed a 30% tariff on solar panels virtually killing the solar industry. Solar employs more people than coal and oil combined. today's decision will cause the loss of roughly 23,000 American jobs this year.